Corporations that have their 2006 tax returns on extension (involving calendar-year taxpayers with returns otherwise due on March 15) and which plan to claim the telephone excise tax refund must use a different set of interest rates than those found on form 8913, the IRS reminded.
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Tax
Taking Stock of ESPPs
EXECUTIVE SUMMARY Employees of corporations with an employee stock purchase plan (ESPP) often fail to participate fully in the plan because they don’t understand why it can be a good deal. Many plans offer a purchase discount of as much as 15%. Effectively, the discount can
Back to School
Back to School A rising number of professionals are returning to college for a master’s or other graduate degree to enhance their earning power. An advanced degree can bring, on average, a $16,000 bump in annual salary. Source: www.worldwidelearn.com . GOLDEN BUSINESS IDEA
Value Gifts on the Date Given
The Fifth Circuit reaffirmed that under IRC section 2512, a gift’s value is determined on the date it is given. The court also decided that a discount used to determine the present value of a previously transferred interest was allowable if it was the amount a willing buyer would require
Energy-Efficient Commerical Buildings Deduction
The Energy Policy Tax Act of 2005 included incentives for taxpayers that make new or existing commercial property more energy efficient. Under new IRC section 179D, taxpayers that own or lease commercial buildings and install certain energy-efficient improvements therein after 2005 and before 2008 are eligible for
Small Business Shuns Outside Financing
Small Business Shuns Outside Financing E ighty-one percent of small business owners said they have never received outside equity or debt financing, according to a survey by SurePayroll. More than half (55%) of respondents said they had no need and no future plans for external funding. For those businesses that
Hot Jobs
Hot Jobs L ooking for a new career path? Narrow your search to the fastest-growing accounting jobs. According to the Robert Half International 2007 Salary Guide, the following are the top five high-growth positions for the year: Source: Robert Half Finance & Accounting, www.roberthalf.com . NEWS
Report Sheds Light on IPO Market
Report Sheds Light on IPO Market U .S. markets are holding their own against foreign competition for initial public offerings (IPOs), says a report by Ernst & Young. Key among E&Y’s findings is the fact that most companies list on exchanges close to home. Even at the height of the
IRS Scores Victory Over Alleged Tax Shelter
The Second Circuit Court of Appeals overturned the TIFD III-E Inc./Castle Harbour decision (see “Tax Matters,” JofA , June 05, page 93), a win for the IRS in its battle against tax shelters. The court ruled that the mere existence of a business purpose of a partnership does not preclude
How Low Can They Go
How Low Can They Go? S ecurities fraud class action lawsuits fell to a record low in 2006, says a report by Stanford Law School’s Securities Class Action Clearinghouse. The number of cases filed was the lowest since the adoption of the Public Securities Litigation Reform Act of 1995. Securities
Showing the Way
Showing the Way A small firm can’t operate efficiently if workers are constantly asking similar questions, circumventing problems or forwarding inquiries to the higher-ups. Make sure your employees have enough knowledge to make decisions and solve problems on their own: Source: Score, www.score.org . TOP 10
The Best-Laid Plans
The Best-Laid Plans A ccording to a study of accounting, legal, marketing and other professionals, accountants rated as “Cool Cucumbers” (compared with “Nervous Nellies”) on the emotional scale when it comes to being prepared for a serious disability. Just 27% of accountants (the lowest percentage among all the professions) questioned
Beating the Clock on Refunds
Most taxpayers know when to file their annual tax return. But they may be less sure of how much time they have to claim a refund. Three decisions last year may help clarify the rules. In the first, Wachovia Bank was trustee for the George C. Nunamann Trust, which was
Taxing International Transactions: A World of Difference
Globalization has brought many new opportunities for U.S. businesses. By pursuing broader horizons, however, your clients can find themselves in unfamiliar shoals of the tax code. Here are 10 of the leading situations in which clients might need help navigating through international transactions. A “person,” in these
Corporate Shields
Corporate Shields T hirty-three percent of in-house corporate lawyers surveyed said their companies have been investigated by the SEC or the Occupational Safety and Health Administration since 2003. Source: Fulbright & Jaworski LLP. BUSINESS TIPS
Data Point: 80
DATA POINT 80.4 Percentage of all Social Security and Supplemental Security Income payments in FY2007 being paid by direct deposit (up from 41.1% 20 years ago). Source: Social Security Administration, www.ssa.gov . SURVEY SAVVY
Hire Me
Hire Me! W hen job hunting, the more leads the merrier. But is one source better than another? According to a survey by The Conference Board, a business research organization, 38% of job-seekers who received an offer attributed their success to an Internet search. About 27% said networking with friends
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